i would like to buy ahouse in klamath falls oregon
2007-09-27 10:21:55 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
social security counts as income.
The answer is yes...
call a local mortgage company.
2007-09-27 10:25:50 · answer #1 · answered by financing_loans 6 · 0⤊ 0⤋
Yes you can as long as you qualify for the payments. Social Security not only is an acceptable income source but because the ratio formula lenders use contains estimates for taxes, lender can qualify you using 125% of your income to compensate.
Your next step is to meet with a local mortgage banker to deterine how much of a loan you can qualify for.
Next, decide on an experienced local Realtor to represent you in your purchase. You pay nothing for their services as all Realty fees are paid by the seller. I can reccommend one who asnwers questions here. I've chatted with her at length after being impressed by her knowledge, ethics and experience. Her yahoo name is gougd. You can probably find her on a yahoo search. If you can't ,email me and I'll go back and find her last email.
2007-09-27 17:33:08 · answer #2 · answered by mazziatplay 5 · 0⤊ 0⤋
Yes. Go to your local, usually county, housing authority. Also HUD has a good website. The income and house cost ratio will still matter tho.
2007-09-27 17:26:31 · answer #3 · answered by dittywah2003 2 · 0⤊ 0⤋
If you mean "Can I buy a HUD house using my social security income?", then yes. Up to the price that you qualify for.
Did you mean "Can I buy a house using a housing grant program while I'm on social security?", then it depends upon the grants available in your locale.
2007-09-27 17:35:16 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
Yes. Depends on each state laws
2007-09-27 17:26:42 · answer #5 · answered by ruscito_mom 2 · 0⤊ 0⤋
u may be able to BUT u shouldn't unless u like being homeless. u do not have enough money. simple. keep renting u'll save ur life.
get training for new trade so u can get off SS. u don't like hand outs?
2007-09-27 17:26:32 · answer #6 · answered by Anonymous · 0⤊ 2⤋
what kind of person is Robert to give that kind of advice..its completely nonsense.
2014-06-15 04:51:48 · answer #7 · answered by Jenneva 2 · 0⤊ 0⤋